Cutler replaces co-founder Josh Luber at the helm of the company, but he’ll continue to be the “public face” of the company according to the NYT, which is not unusual for a founder-led company when it brings on more traditionally experienced executives to steer the startup through periods of aggressive growth and business maturation.
Detroit-based StockX, which provides a way for people to resell luxury and lifestyle goods including streetwear, bags, watches and shoes, is now valued at over $1 billion based on its most recent raise of $110 million, just revealed by the New York Times.
Their unique value prop, for consumers, was offering a verification service so that you knew when you were buying (often at a premium, and often so-called ‘deadstock’ or stuff that’s new in condition but not available through typical consumer sales channels) was the real deal.
The app for StockX displays charts trending value and features bids and calls, making it similar in concept to another company where new CEO Cutler has experience – the NYSE.
The company expanded from there into new categories, first with watches, then handbags, and most recently streetwear – all categories where high potential for fraud mean that consumers are willing to pay more for some assurance of authenticity.
Also unique to StockX is its treatment of the marketplace as analogous to a public stock exchange, with shoe releases, watch, bag and clothing SKUs replacing companies as the trade commodity.